Tamil Nadu - Chennai

Central, urban cooperative banks to go digital soon

CHENNAI: The 23 Central Cooperative Banks and 120 Urban Cooperative Banks in the State will be computerised by the end of this financial year.

According to official sources, the banking application software is being developed at an estimated cost of Rs.2 crore by a multinational company. The hardware and the necessary peripherals will be procured with the help of the Electronics Corporation of Tamil Nadu (ELCOT).

In the second phase, the Primary Agricultural Cooperative Banks (PACBs) will also be computerised, said an official. The core banking module in the first phase of the project will cover components such as remittances, recurring deposit, fixed deposit, loans, savings bank and current account. The software has been designed and developed to match the banking standards with necessary security features. The security features include bio-metric authentication, data encryption, IP security and secure socket layer. The project has been fully tested and as a pilot project, been deployed at three branches. The project has been successfully tested in the three branches - Adambakkam branch, Kancheepuram central cooperative bank and Chengalpattu urban cooperative branch.

The software will be deployed at all the branches of central cooperative banks and urban cooperative banks in the State. It may also incorporate into the system the components such as internet banking, e-banking, Real Time Gross Settlement, ATM and credit card operations and mobile banking.

© Copyright 2000 - 2009 The Hindu